19th Sep 2023 16:35
(Alliance News) - TBC Bank Group PLC on Tuesday said that its subsidiary JSC TBC Bank has signed a USD20 million loan agreement with the European Bank for Reconstruction & Development.
The Tbilisi, Georgia-based bank said the loan is part of the EBRD's 'Women in Business' programme and is supported the EU and Sweden.
TBC Bank said the facility is available for disbursement in two currencies: the US dollar and Georgian lari. This would improve access to increasing demand for local currency funding, TBC Bank said.
"Building an inclusive and sustainable economy remains one of the EBRD's priorities, and women entrepreneurs are an important driver of economic growth in Georgia. With today's signing, we look forward to seeing more female leaders bringing their business ideas to life, and would like to thank TBC Bank, the EU and Sweden, for their ongoing partnership," said EBRD Managing Director for Financial Institutions Francis Malige.
EU Director for Eastern Neighbourhood & Institution Building Lawrence Meredith commented: "For the first time, a synergy of EU financial instruments and technical assistance - through our EFSD+ guarantees and the Women in Business programme - will play a pivotal role in boosting lending to women-led MSMEs in Georgia.
"This unique operation consolidates the existing EU support for female entrepreneurship and gender equality in the Eastern Partnership region and allows us to further deliver on our economic & investment plan in Georgia."
JSC TBC Bank Chief Financial Officer Giorgi Megrelishvili commented: "We are proud to continue our strategic partnership with the EBRD, spanning more than two decades. Throughout this period, TBC has achieved remarkable results in gender financing with the support of EBRD and this new transaction will be another significant milestone in our successful cooperation.
"The loan will allow TBC to accelerate financing of women-led businesses, with the special focus on regions, thereby, strengthening their competitiveness and contributing to the creation of an inclusive business environment in Georgia.
"TBC successfully joined the WiB back in 2017 with a USD20 million loan, which proved to be an efficient financial tool in supporting development of women-entrepreneurs, hence, we would like to express our gratitude to the EBRD, the EU, and Sweden, for extending this much-needed financing to TBC."
Shares in TBC Bank were up 3.1% to 2,970.00 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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